REG - Allergy Therapeutics - Interim Results for six months ended 31 Dec 2025
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RNS Number : 7099Y Allergy Therapeutics PLC 31 March 2026
Allergy Therapeutics plc
("Allergy Therapeutics" or the "Company" or the "Group")
Interim Results for the six months ended 31 December 2025
- Revenues of £36.3 million (FY2025 H1: £34.0 million, representing
7% growth (2.5% on constant currency basis)
- Significant portfolio progress with regulatory approval and
commercialisation in Germany of Grassmuno(®) (Grass MATA MPL)
- Short-course peanut allergy vaccine candidate VLP Peanut meets Phase
I/IIa primary endpoint; Phase IIb planning underway
- Substantially strengthened balance sheet and continued selective
investment in strategic growth-related projects
- New £40 million senior secured facility entered into post period end
- provides significant capital to drive future investment
- Company continues to explore potential dual primary listing on Hong
Kong Stock Exchange
31 March 2026: Allergy Therapeutics plc (AIM: AGY), the fully integrated
commercial biotechnology company specialising in allergy immunotherapies,
announces its unaudited interim results for the six months ended 31 December
2025.
Highlights
Financial
- Momentum building with H1 revenues of £36.3 million (FY2025 H1:
£34.0 million) representing 7% growth on a reported basis despite a
significant phase out of unregistered allergy treatments impacted by the TAV
programme in Germany.
- Operating loss of £2.5 million before R&D (FY2025 H1: £1.9
million operating profit pre-R&D) as the Group continued its focus on
selective investment in strategic growth-related projects in the build up to
commercialisation of Grassmuno(®) (Grass MATA MPL).
- Substantially strengthened balance sheet with the shareholder
lenders exercising all warrants related to the shareholder loan facility and
the warrant proceeds used to repay the loan facility in full.
- Cash position of £10.1 million at 31 December 2025 (30 June 2025:
£12.8 million).
- Post-period, the Group entered into an amendment to the secured senior
loan facility, entered into in October 2024 (the "2024 Hayfin Facility") with
Hayfin Healthcare Opportunities LuxCo S.a.r.l., a fund advised by Hayfin
Capital Management LLP ("Hayfin"), under which a new £40 million senior
secured facility (the "2026 Hayfin Facility") was made available and
immediately drawn down.
Operational
- Marketing authorisation granted for subcutaneous grass pollen
allergen immunotherapy, Grassmuno, in adults by the German regulatory
authority, the Paul Ehrlich Institut (PEI). Grassmuno launched in Germany on
15th January 2026 with strong response seen from prescribing clinicians.
- G308 Phase III paediatric study of Grass MATA MPL progressed to its
planned second year of recruitment allowing evaluation of short-term efficacy
and safety.
- PROTECT Phase I/IIa trial investigating short-course peanut allergy
vaccine candidate, VLP Peanut, met its primary safety endpoint with excellent
safety profile up to the highest planned dose. Preliminary safety data from 48
participants demonstrated that a 2000-fold increase in the dose of VLP Peanut
was safe and well tolerated. Biomarker data in peanut allergic patients
demonstrated a strong immunomodulating response.
- Company commenced exploration of potential dual primary listing on
The Stock Exchange of Hong Kong Limited.
Manuel Llobet, CEO at Allergy Therapeutics, commented: "With a highly focused
approach to our business priorities, and building on the significant
achievements within our grass and peanut allergy programmes, we enter 2026
with a strengthened commercial portfolio and increased confidence in the
potential of our pipeline of next-generation allergy immunotherapies. The
Group's recent progress illustrates the world-leading research, regulatory and
commercial capabilities of this company, and positions us well to maintain
strong momentum across all aspects of the business, including delivering on
our intent to expand the Grassmuno franchise beyond Germany into wider-EU,
non-EU and US markets."
Financial Review
Revenue for the six months ended 31 December 2025 was £36.3 million (FY2025
H1: £34.0 million) representing 7% growth on a reported basis, or 2.5% on a
constant currency basis*. This performance is positive, particularly given the
ongoing transition away from unregistered products under Germany's TAV
programme and reflects strong growth in the Group's existing German registered
product portfolio.
Cost of sales increased to £14.8 million (FY2025 H1: £13.2 million) due to
higher sales volumes and inflationary pressures, causing a small drop in gross
margin from 61% to 59%.
Sales, marketing and distribution costs increased compared to the prior period
at £11.0 million (FY2025 H1: £9.3 million) mainly as a result of investment
in the planned launch of Grassmuno in Germany. Administrative expenses
increased to £10.4 million (FY2025 H1: £8.5 million) as a result of
increasing corporate costs as the Group seeks to position itself for growth
and the increasing regulatory scrutiny that comes with a dual listing.
The Group made an operating loss pre-R&D costs of £2.5 million (FY2025
H1: £1.9 million operating profit pre-R&D costs).
Research and development costs increased to £8.8 million (FY2025 H1: £7.6
million) as a result of continued progression of the G308 Phase III paediatric
trial of Grass MATA MPL and the Phase I/IIa PROTECT trial of VLP Peanut.
There is a £4.2 million accounting loss in the period due to the revaluation
of the Hayfin warrants to fair value at the reporting date (FY2025 H1: £3.0
million loss).
The operating loss was £11.4 million (FY2025 H1: £5.7 million), and the loss
before tax was £19.3 million (FY2025 H1: £11.4 million). The finance expense
for the period was £3.9 million (FY2025 H1: £3.3 million) mainly comprising
interest expenses on the shareholder loan and Hayfin facility. Tax was a
charge of £0.6 million (FY2025 H1: £0.5 million) relating mainly to tax
payable by the overseas subsidiaries.
At 31 December 2025, the Group had cash of £10.1 million (30 June 2025:
£12.8 million) and debt of £20.2 million (30 June 2025: £53.4 million).
The operating cash outflow was £11.8 million (FY2025 H1: £7.3 million)
reflecting the increased operating loss. The investing outflow was £2.8
million (FY2025 H1: £1.4 million), offset by an inflow of £11.7 million
(FY2025 H1: £17.4 million) from the net proceeds of financing activities.
During the period the Group drew down £12.5 million under the Amended
Shareholder Facility and issued further warrants in accordance with the
entitlement to 25 warrants for each £1 drawn, at a price of 4 pence per
share. Along with previous drawdowns the entire amount of the Amended
Shareholder Facility was drawn and a total of 1,375,000,000 warrants issued.
On 29 October 2025, the Company received exercise notices from the Shareholder
Lenders in respect of the 1,375,000,000 warrants, which would generate
aggregate proceeds of £55 million on exercise. In satisfaction of the
exercise price payable by the Shareholder Lenders for the warrants, the
Shareholder Lenders transferred the entire Amended Shareholder Facility to the
Company along with net proceeds of £1 million in cash. As a result, all
financial indebtedness owed by the Group to the Shareholder Lenders under the
Amended Shareholder Facility, was repaid.
The Directors have applied the going concern principle in preparing the
interim results for the six months ended 31 December 2025.
Clinical Update
Grass MATA MPL Programme
During the period, the PEI granted a marketing authorisation in Germany for
the Group's subcutaneous grass pollen allergen immunotherapy, Grassmuno (Grass
MATA MPL). The approval marked the first subcutaneous grass-pollen
immunotherapy to be authorised by the PEI through its TAV
(Therapieallergene-Verordnung) framework and followed the submission of a
comprehensive evidence package of quality, safety and clinical efficacy
including the Group's pivotal Phase III G306 trial in adults. In that trial,
the immunotherapy demonstrated a highly statistically significant and
clinically relevant reduction in the Combined Symptom & Medication Score
compared to placebo over the peak pollen season.
Grass pollen is a key segment within the German seasonal allergy market and
Grassmuno is expected to be a major driver of the Group's business in
Germany, its largest market, as a regulatory-approved, short-course treatment
approach that can be completed before the allergy season begins. This offers
the potential for people living with a grass pollen allergy to achieve
protection without the burden of months-long treatment schedules.
The Group's G308 Phase III trial, evaluating the short- and long-term efficacy
and safety of Grass MATA MPL in a paediatric population, continues as planned,
progressing to its second year of recruitment during the period. A full
analysis of the short-term safety and efficacy results of the G308 study is
anticipated in Q4 2026.
VLP Peanut Programme
The clinical development of VLP Peanut, the Group's innovative short-course
peanut allergy vaccine candidate administered via subcutaneous injection,
advanced significantly during the period. The Phase I/IIa PROTECT trial
completed final dosing of the minimum required number of patients at the
highest planned treatment dose, meeting the trial's primary safety endpoint.
Preliminary safety data from 48 participants demonstrated that a 2000-fold
increase in dose from the starting dose was safe and well tolerated, including
in both peanut-allergic patients and healthy participants.
Subsequently, post-period, the trial delivered consistent biomarker results,
highlighting the transformational clinical potential of the vaccine candidate,
and its unique opportunity to offer a potent immunomodulating treatment option
with a limited number of injections, not currently offered by oral
immunotherapy nor monoclonal options currently available or under development.
Plans are now underway to prepare investigational medicinal product for a
Phase IIb trial, with dosing of VLP Peanut being informed by the combined
safety and efficacy information generated during the PROTECT trial.
Outlook
With Grassmuno expected to be a major driver of the Group's business in
Germany, its largest market, commercialisation is underway and sales momentum
is expected to accelerate further in the second half of the financial year.
Following receipt of the 2026 Hayfin Facility proceeds, the Group has
sufficient funds for the entirety of the twelve-month going concern review
period, while it continues to explore a listing in Hong Kong and pursue its
strategic growth initiatives.
*Constant currency uses prior year weighted average exchange rates to
translate current year foreign currency denominated revenue to give a
year-on-year comparison excluding the effects of foreign exchange movements.
This announcement contains inside information for the purposes of the UK
Market Abuse Regulation.
- ENDS -
For further information, please contact:
Allergy Therapeutics
Manuel Llobet, Chief Executive Officer
Shaun Furlong, Chief Financial Officer
+44 (0)1903 845 820
Cavendish Capital Markets Limited (Nominated Adviser and Broker)
Geoff Nash/ Giles Balleny/ Seamus Fricker
Nigel Birks - Life Science Specialist Sales
+44 (0)20 7220 0500
ICR Healthcare
Mary-Jane Elliott/ David Daley/ Davide Salvi
+44 (0)20 3709 5700
allergytherapeutics@icrhealthcare.com
(mailto:allergytherapeutics@icrhealthcare.com)
About Allergy Therapeutics
Allergy Therapeutics is an international commercial biotechnology company,
headquartered in the UK, focussed on the treatment and diagnosis of allergic
disorders, including aluminium free immunotherapies that have the potential to
cure disease. The Group sells proprietary and third-party products from its
subsidiaries in nine major European countries and via distribution agreements
in an additional ten countries. For more information, please
see www.allergytherapeutics.com (http://www.allergytherapeutics.com/) .
ALLERGY THERAPEUTICS PLC
Consolidated income statement
6 months to 6 months to
31 Dec 2025 31 Dec 2024
£'000 £'000
Unaudited Unaudited
(as restated)
Revenue 36,280 34,030
Cost of sales (14,801) (13,168)
Gross profit 21,479 20,862
Sales, marketing and distribution costs (11,035) (9,307)
Research and development costs (8,830) (7,647)
Depreciation expense (2,054) (1,726)
Amortisation expense (104) (209)
Share based payment (expense) / credit (985) 102
Administration expenses - other (10,392) (8,532)
Total administrative expenses (33,400) (27,319)
Other income 546 733
Operating loss (11,375) (5,724)
Revaluation of warrant liabilities held at fair value (4,155) (2,956)
Gain on modification of shareholder loan - 430
Finance income 144 213
Finance expense (3,944) (3,325)
Loss before taxes (19,330) (11,362)
Income tax (588) (513)
Loss for the period (19,918) (11,875)
Loss per share
Basic (pence per share) (0.38)p (0.25)p
Diluted (pence per share) (0.38)p (0.25)p
Consolidated statement of comprehensive income
6 months to 6 months to
31 Dec 2025 31 Dec 2024
£'000 £'000
Unaudited Unaudited
(as restated)
Loss for the period (19,918) (11,875)
Items that will not be reclassified subsequently to profit or loss:
Remeasurement of retirement benefit obligations 585 (288)
Remeasurement of investments - retirement benefit assets (27) 85
Deferred tax movement - retirement benefit obligations (192) 95
Deferred tax movement - retirement benefit assets 9 (28)
Deferred tax movement - land and buildings 21 20
Total other comprehensive loss 396 (116)
Items that may be reclassified subsequently to profit or loss:
Exchange differences on translation of foreign operations 67 (291)
Total comprehensive loss (19,455) (12,282)
ALLERGY THERAPEUTICS PLC
Consolidated statement of financial position
31 Dec 2025 30 Jun 2025
£'000 £'000
Unaudited Audited
Assets
Non-current assets
Property, plant and equipment - right-of use assets 6,100 6,229
Property, plant and equipment - other 20,289 18,029
Intangible assets - goodwill 3,340 3,325
Intangible assets - other 860 931
Investment - retirement benefit asset 2,776 2,839
Deferred tax asset 1,388 1,513
Total non-current assets 34,753 32,866
Current assets
Inventories 13,786 13,915
Trade and other receivables 10,981 5,916
Current tax receivables 1,400 2,056
Cash and cash equivalents 10,084 12,790
Total current assets 36,251 34,677
Total assets 71,004 67,543
Liabilities
Current liabilities
Trade and other payables (13,949) (13,618)
Current tax payables (1,299) (912)
Borrowings (450) (405)
Provisions (205) (325)
Lease liabilities (1,514) (1,475)
Derivative financial instruments (14,612) (10,457)
Total current liabilities (32,029) (27,192)
Net current assets 4,222 7,485
Non-current liabilities
Retirement benefit obligations (8,234) (8,592)
Deferred taxation liability (50) (68)
Provisions (1,655) (1,675)
Lease liabilities (5,075) (5,169)
Long term borrowings (19,712) (53,040)
Total non-current liabilities (34,726) (68,544)
Total liabilities (66,755) (95,736)
Net assets / (liabilities) 4,249 (28,193)
Equity
Capital and reserves
Issued share capital 6,141 4,766
Capital redemption reserve 10 10
Share premium 208,130 154,639
Merger reserve 40,128 40,128
Reserve - share based payments 2,264 1,279
Revaluation reserve 2,151 2,151
Reserve - warrants 412 4,773
Foreign exchange reserve (646) (713)
Retained earnings / (deficit) (254,341) (235,226)
Total equity 4,249 (28,193)
ALLERGY THERAPEUTICS PLC
Consolidated statement of changes in equity
Issued share Capital Capital redemption reserve Share premium Merger reserve Reserve - share based payment Foreign exchange reserve Retained earnings / (deficit) Total equity
Revaluation reserve Reserve -
warrants
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
At 30 June 2024 (as reported)
4,776 - 154,639 40,128 408 1,782 1,719 (816) (198,927) 3,709
Prior period adjustment - - - - - - - (3) 3,650 3,647
At 30 June 2024 (as restated) 4,776 154,639 40,128 408 1,782 (819) (195,277) 7,356
- 1,719
- - - - - - - (291) - (291)
Exchange differences on translation of foreign operations
- - - - - - - - 20 20
Deferred tax - land and buildings
- - - - - - - - (288) (288)
Remeasurement of net defined benefit liability
- - - - - - - - 95 95
Deferred tax - defined benefit liability
- - - - - - - 85 85
Remeasurement of investments - retirement benefit assets
-
- - - - - - - - (28) (28)
Deferred tax - defined benefit assets
Total other comprehensive income - - - - - - (291) (116) (407)
-
Loss for the period after tax - - - - - - - (11,875) (11,875)
-
Total comprehensive loss - - - - - - (291) (11,991) (12,282)
-
Transactions with owners:
- - - - (102) - - - (102)
Share based payment expense/ (credit) -
Warrants issued - - - - - - - - 822
822
At 31 December 2024 4,776 154,639 40,128 306 1,782 (1,110) (207,268) (4,206)
- 2,541
- - - - - - - 397 - 397
Exchange differences on translation of foreign operations
Valuation gains taken to equity (land and buildings) - - - - - 369 - - - 369
Deferred tax - land and buildings - - - - - - - - (58) (58)
Remeasurement of net defined benefit liability - - - - - - - - 565 565
Deferred tax - defined benefit liability - - - - - - - - (186) (186)
Remeasurement of investments - retirement benefit assets - - - - - - - (33) (33)
-
Deferred tax - defined benefit assets - - - - - - - - 11 11
Total other comprehensive income - - - - - 369 397 299
- 1,065
Loss for the period after tax - - - - - - - (28,257) (28,257)
-
Total comprehensive loss - - - - - 369 397 (27,958) (27,192)
-
Transactions with owners:
- - - - 973 - - - 973
Share based payment expense/ (credit) -
Shares redeemed (10) - - - - - - -
10 -
Warrants issued - - - - - - - 2,232
- 2,232
At 30 June 2025 4,766 154,639 40,128 1,279 2,151 (713) (235,226) (28,193)
10 4,773
- - - - - - 67 - 67
Exchange differences on translation of foreign operations
-
Deferred tax - land and buildings - - - - - - - - 21 21
Remeasurement of net defined benefit liability - - - - - - - 585 585
-
Deferred tax - defined benefit liability - - - - - - - - (192) (192)
- - - - - - - - (27) (27)
Remeasurement of investments - retirement benefit assets
Deferred tax - retirement benefit assets - - - - - - - 9 9
-
Total other comprehensive loss - - - - - - 67 396 463
-
Loss for the period after tax - - - - - - - (19,918) (19,918)
-
Total comprehensive loss - - - - - - - 67 (19,522) (19,455)
Transactions with owners:
- - - - 985 - - - - 985
Share based payment expense/ (credit)
Warrants issued - - - - - - - - 1,004
1,004
1,375 - 53,625 - - - (5,365) - 407 50,042
Shares issued - Warrants Exercised
Share issue costs - - (134) - - - - - - (134)
At 31 December 2025 6,141 10 208,130 40,128 2,264 2,151 412 (646) (254,341) 4,249
ALLERGY THERAPEUTICS PLC
Consolidated cash flow statement
6 months to 6 months to
31 Dec 2025 31 Dec 2024
£'000 £'000
Unaudited Unaudited
(as restated)
Cash flows from operating activities
Loss before tax (19,330) (11,362)
Adjustments for:
Finance income (144) (213)
Finance expense 3,944 3,325
Non-cash movements on defined benefit pension plan 49 56
Depreciation and amortisation 2,158 1,935
Net monetary value of above the line R&D tax credit (546) (733)
Charge for share-based payments 985 (102)
Movement in fair value of derivative financial instruments 4,155 2,956
Gain on modification of shareholder loan - (430)
Increase in trade and other receivables (3,666) (1,597)
Decrease in inventories 258 739
Decrease in trade and other payables (392) (1,906)
Net cash used by operations (12,529) (7,332)
Income tax received / (paid) 773 (10)
Net cash used by operating activities (11,756) (7,342)
Cash flows from investing activities
Interest received 78 109
Payments for property plant and equipment (2,809) (1,432)
Payments for intangible assets (23) (92)
Net cash used in investing activities (2,754) (1,415)
Cash flows from financing activities
Proceeds from issue of equity shares 1,494 -
Share issue expenses (134) -
Payment of listing expenses for exploration of Hong Kong listing (1,326) -
Proceeds of bank borrowings 1,336 663
Repayment of bank borrowings (448) (306)
Interest paid on bank borrowings (30) (34)
Repayment of principal on lease liabilities (770) (769)
Interest paid on lease liabilities (131) (135)
Proceeds from shareholder loan 12,500 5,000
Repayment of shareholder loan - (5,000)
Interest and fees paid on shareholder loan (717) (818)
Proceeds from Hayfin loan - 19,370
Fees paid on Hayfin loan (30) (559)
Net cash generated in financing activities 11,744 17,412
Net (decrease) / increase in cash and cash equivalents (2,766) 8,655
Effects of exchange rates on cash and cash equivalents 60 106
Cash and cash equivalents at the start of the period 12,790 12,915
Cash and cash equivalents at the end of the period 10,084 21,676
1. Interim financial information
The unaudited consolidated interim financial information is for the six months
ended 31 December 2025. The financial information does not include all the
information required for full annual financial statements and should be read
in conjunction with the consolidated financial statements of the Group for the
year ended 30 June 2025, which were prepared under International Financial
Reporting Standards (IFRS) in issue as adopted by the UK and with those parts
of the Companies Act 2006 that are relevant to the Group preparing its
accounts in accordance with UK-adopted IFRS.
The interim financial information has not been audited nor has it been
reviewed under ISRE (UK) 2410 (Revised) of the Financial Reporting Council.
The financial information set out in this interim report does not constitute
statutory accounts as defined in Section 434 of the Companies Act 2006.
2. Basis of preparation
As permitted, this interim report has been prepared in accordance with the AIM
rules and not in accordance with IAS 34 "Interim Financial Reporting". The
accounting policies adopted in this report are consistent with those in the
annual financial statements for the year to 30 June 2025. There are no
accounting standards that have become effective in the current period that
would have a material impact upon the financial statements.
Prior period adjustments
There are prior period adjustments relating to the valuation of the liability
for uncertain tax positions, deferred tax assets and deferred tax liabilities.
Refer to Note 5 for further details.
Going concern
The going concern period has been assessed as the twelve-month period from the
date of approval of these financial statements. These financial statements
have been prepared on a going concern basis after considering the Group's
current cash position and reviewing budgets and cash flow forecasts for the
going concern period.
After the balance sheet date, on 23 February 2026, the Group announced that it
had entered into an amendment to the secured senior loan facility, entered
into in October 2024 (the "2024 Hayfin Facility") with Hayfin Healthcare
Opportunities LuxCo S.a.r.l., a fund advised by Hayfin Capital Management
LLP ("Hayfin"), under which a new £40m senior secured facility (the "2026
Hayfin Facility) was made available to the Group. The Group immediately drew
down the full £40m made available under 2026 Hayfin Facility. Following the
full draw down of the 2026 Hayfin Facility, the Group will have £63.1m of
debt outstanding under the 2024 and 2026 Hayfin Facilities, including
previously capitalised interest.
The 2026 Hayfin Facility has substantially the same terms as the 2024 Hayfin
Facility, is subject to an upfront arrangement fee and has a variable interest
rate based on SONIA plus 9.5% per annum with interest payable based on Company
selected interest periods.
As previously announced, the Company is exploring a dual primary listing of
its ordinary shares on the Main Board of The Stock Exchange of Hong Kong (the
"Hong Kong Listing"). Assuming the Hong Kong Listing occurs by 31 December
2026, the duration of both the 2024 Hayfin Facility and the 2026 Hayfin
Facility will be extended such that aggregate amounts drawn under the
Facilities will be due for repayment on 20 February 2031. If the possible Hong
Kong Listing does not complete by 31 December 2026, the repayment date of the
2024 Hayfin Facility and the 2026 Hayfin Facility will be 16 October 2029.
The Group continues to require funding for the foreseeable future, in
particular to fund the ongoing R&D programme. The Directors have prepared
cash flow forecasts for the twelve-month period from the date of approval of
these financial statements which demonstrate, following receipt of the 2026
Hayfin Facility proceeds the Group has sufficient funds for the entirety of
the twelve-month going concern review period. Further, in severe but plausible
downside scenarios the Group could preserve cash through the deferral of
capital expenditure and other spend items.
Forecasts for the entirety of the going concern period show that there would
be no breach of the financial covenants attached to the 2026 Hayfin Facility.
The balance of cash and cash equivalents at the end of February 2026 was
£42.4m.
3. Loss per share
6 months to 6 months to
31 Dec 2025 31 Dec 2024
Unaudited Unaudited
(as restated)
Loss after tax attributable to equity shareholders (£'000) (19,918) (11,875)
Issued ordinary shares at start of the period ('000) 4,766,440 4,766,440
Ordinary shares issued in the period ('000) 1,375,000 -
Issued ordinary shares at end of the period ('000) 6,141,440 4,766,440
Weighted average number of shares in issue for the period 5,224,773 4,766,440
Weighted average number of shares for diluted earnings 5,224,773 4,766,440
Basic earnings per ordinary share (pence) (0.38)p (0.25)p
Diluted earnings per ordinary share (pence) (0.38)p (0.25)p
The diluted loss per share does not differ from the basic loss per share as
the exercise of share options would have the effect of reducing the loss per
share and is therefore not dilutive under the terms of IAS 33.
The restatement of the 2024 values relates to a revaluation of the uncertain
tax positions liability and deferred tax assets and liabilities affecting the
tax charge for the period. See Note 5 for details.
4. Events after the balance sheet date
Hayfin Facilities, Warrant Exercise and Subscription
On 20 February 2026, the Group entered into an amendment to the secured senior
loan facility, entered into in October 2024 (the "2024 Hayfin Facility") with
Hayfin Healthcare Opportunities LuxCo S.a.r.l., a fund advised by Hayfin
Capital Management LLP ("Hayfin"), under which a new £40m senior secured
facility (the "2026 Hayfin Facility) was made available to the Group. The
Group immediately drew down the full £40m made available under 2026 Hayfin
Facility. Following draw down of the 2026 Hayfin Facility, Allergy had £63.1m
of debt outstanding under the 2024 and 2026 Hayfin Facilities, including
previously capitalised interest.
The 2026 Hayfin Facility has substantially the same terms as the 2024 Hayfin
Facility, is subject to an upfront arrangement fee and has a variable interest
rate based on SONIA plus 9.5% per annum with interest payable based on Company
selected interest periods.
As previously announced, the Company is exploring a dual primary listing of
its ordinary shares on the Main Board of The Stock Exchange of Hong Kong (the
"Hong Kong Listing"). Assuming the Hong Kong Listing occurs by 31 December
2026, the duration of both the 2024 Hayfin Facility and the 2026 Hayfin
Facility will be extended such that aggregate amounts drawn under the
Facilities will be due for repayment on 20 February 2031. If the possible Hong
Kong Listing does not complete by 31 December 2026, the repayment date of the
2024 Hayfin Facility and the 2026 Hayfin Facility will be 16 October 2029.
As part of the financing arrangements related to the 2026 Hayfin Facility, the
Company also granted Hayfin rights to subscribe for 59,546,848 new Ordinary
Shares at a subscription price of 0.1 pence per Ordinary Share (the
"Subscription Rights"). The Subscription Rights were exercised on a cashless
basis, resulting in the issue of 58,955,876 new Ordinary Shares to Hayfin,
fully paid.
As part of the 2024 Hayfin Facility the Company had previously issued a total
of 133,458,226 warrants to Hayfin, which entitle Hayfin to subscribe for new
ordinary shares of 0.1 pence each in the capital of the Company ("Ordinary
Shares") at an exercise price of 0.1 pence per Ordinary Share ("Warrants"). At
the same time as entering into the 2026 Hayfin Facility Hayfin exercised all
its Warrants, also on a cashless basis, resulting in the issue of 132,133,723
new Ordinary Shares to Hayfin, fully paid.
5. Prior period adjustments
In the annual financial statements for the year ended 30 June 2025, prior
period adjustments were recognised in respect of 'uncertain tax positions',
'deferred tax assets and liabilities' and 'current tax receivables and
payables'.
The impact of these restatements on the Consolidated Income Statement and
Consolidated Statement of Comprehensive Income for the six months ended 31
December 2024 is shown below.
Impact on Consolidated Income Statement for the period ended 31 December 2024:
Deferred tax
Previously assets and Uncertain Total Restated
reported liabilities tax positions adjustments amount
£'000 £'000 £'000 £'000 £'000
Income tax 277 43 (833) (790) (513)
Loss per share
Basic (pence per share) (0.23) - (0.02) (0.02) (0.25)
Diluted (pence per share) (0.23) - (0.02) (0.02) (0.25)
Impact on Consolidated Statement of Comprehensive Income for the period ended
31 December 2024:
Deferred tax
assets and Uncertain
Previously liabilities tax positions Total Restated
reported £'000 £'000 adjustments amount
£'000 £'000 £'000
Loss for the period (11,085) 43 (833) (790) (11,875)
Other comprehensive income
Deferred tax - retirement benefit obligations - 95 - 95 95
Deferred tax - retirement benefit assets - (28) - (28) (28)
Deferred tax - land and buildings - 20 - 20 20
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